We called the Olympus E-P1 / Canon T1i / Nikon D5000 Head-2-Head a "Mini Head-2-Head" simply because we had fairly limited access to the E-P1 and there were a few things that we couldn't work on- one being the RAW files.  The Olympus software, Master 2, is all but unusable, and the results we got we didn't even feel we could publish.  At that point Adobe Caemra RAW was the 5.4 version, and didn't support the camera, so all the testing we did was on in-camera JPEG processing- generally not so good. 

Now that we have the Beta version of Camera RAW 5.5, we wanted to see, quickly, how Adobe does with the noisy files of the E-P1.  We took one of the ISO 3200 files and processed it with standard settings. 

The bad news is, it doesn't do any better.  The worse news is, it's actually not as good as the in-camera JPEG processing.  I guess, depending on how you look at it, that's the good news too...  the in-camera processing of the E-P1 is the best result so far. 

Ouch.